Lead-Based Paint Disclosure (42 U.S. Code ` 4852d) – Federally mandated for residential real estate transactions with a structure built before 1978, this disclosure insists that the seller provide the buyer with documents on all known details of the presence of lead in the apartment. This should also be accompanied by a set of information designed to inform readers of the potential risks associated with contact with hazardous material. Disclosure of sale of the residential real estate seller (Form 46234) – Prior to acceptance of the potential buyer`s offer, the seller is legally responsible for providing a completed copy of the above disclosure form, which records various essential facts or defects requested regarding the contracted land. The Indiana Department of Administration is responsible for the disposal of surplus land held by the state of Indiana. Based on IC 4-20.5-7, the ministry`s disposition policy has two procedures for the sale of land: sealed auctions and live auctions. The unit conducts a judicial investigation on the basis of ownership of the property. The purchase of land at market prices, as set as part of the auction or sealed auction procedure, is given to public authorities, universities and political sub-divisions. Real estate in which no state agency, university or political sub-department informs the department of their interest is awarded to the bidder with the highest bid or auction amount, which is equal to or greater than the value assessed.
It is important to note that there is a separate property law governed by a owners association (p. 32-21-5-8.5) that requires the seller to provide the purchaser with a copy of the registered administrative documents, an evaluation statement and information about the HOA`s administrative services. On the seller`s disclosure form, the box adjacent to the HOA issue must be reviewed and the necessary information inserted in the “Additional Comments” section or added in addition. A purchase and sale agreement in Indiana is a legally binding contract between a seller and buyers of residential real estate. This contract includes all elements of the sale of the property, including the price, condition of the land, inspections, closing conditions, rights and responsibilities of both parties, including important conditions. Both parties must sign the contract, but only after the seller has accepted the buyer`s offer and all conditions have been agreed. The seller is also required to provide the buyer with a disclosure form detailing the various material defects and relevant information about the property. The seller of residential real estate (Form 46234) – this is a complete disclosure form that must be completed by the seller of a residential property and submitted to any potential buyer. The seller`s residential real estate sales form informs the buyer of defects, problems or other information that must be disclosed before a sales and sale agreement is concluded.